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News article12 October 2023Directorate-General for Financial Stability, Financial Services and Capital Markets Union1 min read

Russia sanctions: G7 Oil Price Cap Coalition Partners publish best practices advisory in response to recent developments in the maritime oil trade

The Price Cap Coalition is issuing this advisory to provide recommendations concerning specific best practices in the maritime shipping industry.

The Price Cap Coalition advisory for the maritime oil industry and related sectors reflects our efforts to promote responsible practices in the maritime oil industry, prevent and disrupt sanctioned trade, and enhance compliance with the price caps on crude oil and petroleum products of Russian Federation origin, put in place by the G7, the European Union, and Australia (“the Price Cap Coalition” or “Coalition”).

The advisory is directed at both government and private sector actors (“industry stakeholders”) involved in the maritime trade of crude oil and refined petroleum products.

12 OCTOBER 2023
Statement of the G7 and Australia on actions taken to enforce price caps for seaborne Russian-origin oil and petroleum products

Related links

Guidance documents concerning sanctions adopted following Russia’s military aggression against Ukraine and Belarus' involvement in it